Bitcoin Out, Gold In: Senator’s Bold Proposal To Replenish US Reserves

US Senator Cynthia Lummis of Wyoming is doubling down on her efforts to legitimize Bitcoin and possibly add this digital asset to the country’s reserves.

In a November 21st interview, Lummis suggested that the US Federal Reserve sell some of its gold reserves to invest in the crypto. The Wyoming senator shared that the proceeds from selling a portion of gold reserves, valued at 1970 prices, can boost the US dollar and reduce the country’s growing debt.

Lummis’ announcement comes as BTC hit another all-time high and nears the $100k milestone. By pursuing a Bitcoin policy, the Federal Reserve can also benefit from higher returns.

Bitcoin is a “gold standard in digital assets, and setting up a strategic reserve can help the country’s financial strategy.

Lummis Says A BTC Reserve Can Boost USD, Reduce Debt

Lummis is one of the most outspoken supporters of Bitcoin and cryptocurrencies and pushed for the Bitcoin bill in the Senate. As a long-time crypto holder and supporter, the senator admitted owning five BTCs and putting them in a trust.

The lawmaker said that the government can adopt this strategy, start a crypto reserve, and hold these assets for at least two decades.

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